Investment in training, both in-house and externally improves the skill level and motivation of your staff which in turn improves your business performance. You are also likely to achieve a lower staff turnover which saves the cost on recruitment and training in the future.
Once you have assessed your learning and development needs you can plan your investment. There’s not an exact benchmark for hospitality businesses, companies need to plan training investment based on future needs as well as for immediate in-year business needs. It is important to think where your business will be in 2-3 years when investing in a workforce.
A great way of engaging staff is to enable them to train others. Training by peers in the soft skills that define the way your business works is probably as important as paying for them to complete formal accredited training. That’s why budgeting for training time and opportunity costs as well as finance is important.
What is the financial outlay needed for great training?
Training hours – A necessary part of building skills is giving people time off their job to develop their skills
Course fees – External providers require payment. EU funding can help with this in Cornwall.
By planning your investment in training there may be an initial higher cost but in the long term it is likely to provide better value than spending on unplanned training.
Unplanned training comes about when there is high staff turnover, which creates an erratic reactive pattern driven by needing to meet the basic expectations of the business.